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  1. #1
    Administrator Martin Kay's Avatar

    Support-Resistance Tool – Identify automatically the important levels in the market !!!

    Hi guys, Bogdan presented again very interesting indicator which will help us to identify Support and Resistance levels and automatically paint them on the chart. Check the full review and find does the Support-Resistance indicator suck or doesn’t suck!

    Originally posted by Bogdan G. For the full review and download click here.

    Why “Support – Resistance” doesn’t Suck?

    I think every trader should have some knowledge about support and resistance as it is an important part of trading. But in the beginning, S/R levels seem too complicated and hard to identify. At least that’s how it was for me and that’s what makes this indicator valuable. Think of it like some training wheels on your bike when you first learn to ride it; it helps, although a rider using training wheels will never go as fast as one that is experienced and doesn’t need them. With time, you will learn to ride with no training wheels on.

    Wrapping it up

    This is not a strategy and you should never forget that. Do not use the indicator alone when you trade. Instead, rely on it for confirming your strategy and helping you to see the price waves better. When you feel comfortable enough identifying your own levels, just delete it from your charts or keep it only to confirm the levels that you found. Support and Resistance is a very complex subject and what I wrote about it here definitely does not cover it entirely because I wanted to focus more on the custom indicator. I hope you find it useful and as always, “Thanks!” to the guy that created it, whoever he might be.

  2. #2
    Solid Member Murphy13's Avatar
    I will check it! Support and Resistance levels are the most important in trading but they are also the most difficult to identify and to find. I tried many times to identify them but most often later find that I was wrong and they are placed at other levels. I also try to expand different fibos and especially 38% retracement level and it is the best I think. Also the big figures in currencies are also support or resistance levels very often, mostly when the price approach them for the first time it retrace several pips from there and it could be used with 60 sec binary options.

  3. #3
    Veteran Member Ammeo's Avatar
    S/R is the basic. im not talking about Fibonacci or pivot points bt only the S/R levels that are formed in charts especially in the longer trends like the daily or weekly charts (daily the most crucial) ...

  4. #4
    Junior Member
    can't download.. It says

    "Page not found or has been removed. Please browse one of our other pages.

  5. #5
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    Quote Originally Posted by esiconsum View Post
    I can't download.. It says

    "Page not found or has been removed. Please browse one of our other pages."
    Link works for me.

    Good article and explanation about this indicator.
    It is written that two images r there but I cannot see them. I think an image or two about this indicator will help users here.
    There r many indicators, tools and methods to find support and resistance levels. These methods range from very simple ones to very complex ones. Almost all of these indicators and methods have one problem that they cannot auto-identify S/R levels. You have to manually draw them. If u draw them correctly, u will get better results otherwise it is better not to draw them at all.

  6. #6
    Legendry Member willyw's Avatar
    Quote Originally Posted by M.J View Post
    Good article and explanation about this indicator.
    It is written that two images r there but I cannot see them. I think an image or two about this indicator will help users here.
    There r many indicators, tools and methods to find support and resistance levels. These methods range from very simple ones to very complex ones. Almost all of these indicators and methods have one problem that they cannot auto-identify S/R levels. You have to manually draw them. If u draw them correctly, u will get better results otherwise it is better not to draw them at all.
    Support and resistance is import for all traders. Identifying S/R is crucial. Most of us draw S/R manually. If you want to have auto S/R plotted on charts can try Dynamic Trading support/resistance lines. It is bundle as an indicator and also have an EA for the S/R lines, long-term and short term lines. I am using them in my metastock program (not metatrader). Its very useful tool. Besides S/R, it also comes with auto trendline, long & short term.

  7. #7
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    Quote Originally Posted by willyw View Post
    Support and resistance is import for all traders. Identifying S/R is crucial. Most of us draw S/R manually. If you want to have auto S/R plotted on charts can try Dynamic Trading support/resistance lines. It is bundle as an indicator and also have an EA for the S/R lines, long-term and short term lines. I am using them in my metastock program (not metatrader). Its very useful tool. Besides S/R, it also comes with auto trendline, long & short term.
    How is ur experience with metastock so far? They r having many tools to assist in trading. But having and auto S/R tool may not be as precise as it can be by manually drawing it. It all depends on how they have programmed it.

  8. #8
    Veteran Member uj.forex's Avatar
    Support and resistance levels can be identified through SMAs and EMAs ... whether they are 50 day, 100 day, or 200 day... Plus, many traders use bollinger bands too...

  9. #9
    Legendry Member willyw's Avatar
    Quote Originally Posted by M.J View Post
    How is ur experience with metastock so far? They r having many tools to assist in trading. But having and auto S/R tool may not be as precise as it can be by manually drawing it. It all depends on how they have programmed it.
    I have been using Metastock for abt 7~8 years. It is a good software by Thomson Reuters which is one of top best media provider for the financial market in news and price quotes. Unlike metatrader, you have to know programming language in order to write an EA if not you will have to spend anoher investment on EA. Creating EA in Metastock is very easy, no need to have programming knowledge one can easily create customize EA easily, its very user-friendly.
    The auto S/R and auto trendline have paramenters which you can set to your preferences which can be changed easily. Of course, as compared to manually drawn S/R is better but for newbies they might not know which are the points to draw the S/R.

  10. #10
    Rookie Member
    Quote Originally Posted by willyw View Post
    I have been using Metastock for abt 7~8 years. It is a good software by Thomson Reuters which is one of top best media provider for the financial market in news and price quotes. Unlike metatrader, you have to know programming language in order to write an EA if not you will have to spend anoher investment on EA. Creating EA in Metastock is very easy, no need to have programming knowledge one can easily create customize EA easily, its very user-friendly.
    The auto S/R and auto trendline have paramenters which you can set to your preferences which can be changed easily. Of course, as compared to manually drawn S/R is better but for newbies they might not know which are the points to draw the S/R.
    I am also using Metastock for the last two years and I am very happy of that choice. It really allows you to automate your trades without entering in programming language details. Everything is simple and understandable for a not so professional trader as me

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